Investment Rating - The report assigns a rating of "Accumulate (downgraded)" for the company Xidi Micro (688173.SH) [2] Core Views - The company's revenue and profit faced significant pressure in 2023, but a diversified layout provides new development opportunities [2] - In Q1 2024, the company experienced a substantial year-on-year revenue growth of 205.94%, driven by a recovery in the consumer electronics market and the continuous release of new products [2][17] - The company is focusing on expanding its customer base in both consumer electronics and automotive electronics, enhancing its market position [2][15] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 394 million yuan, a year-on-year decline of 29.64%, and a net profit attributable to shareholders of -54 million yuan, an increase in loss of 39 million yuan [2] - For Q1 2024, the company reported revenue of 123 million yuan, with a net profit of 49 million yuan, marking a transition from loss to profit [2] Revenue and Profit Forecast - The forecast for the company's main revenue is 473 million yuan in 2024, 677 million yuan in 2025, and 1.393 billion yuan in 2026, with growth rates of 20.2%, 43.2%, and 105.7% respectively [6] - The net profit forecast shows a loss of 14 million yuan in 2024, a profit of 11 million yuan in 2025, and 106 million yuan in 2026, with growth rates of -73.7% and 823.8% respectively [6] R&D and Product Development - The company has significantly increased its R&D investment, with expenses reaching 237 million yuan in 2023, accounting for 60.32% of its revenue [16] - The newly developed voice coil motor driver chips have entered the supply chains of major consumer electronics clients, achieving a shipment value of approximately 252.48 million yuan in 2023 [16] Market Position and Strategy - The company is a key supplier in the mobile power management chip sector and is expanding into automotive electronics, with products meeting AEC-Q100 standards [15][16] - The strategy includes leveraging existing product lines to enhance market presence in consumer electronics while exploring new growth areas in automotive, communication, and storage sectors [17]

Group 1 - The report indicates that risk assets are fluctuating amid expectations of interest rate cuts, with the overall tone set by the decline in the US CPI, alleviating previous stagflation concerns, but the impact is not strong enough [24][38]. - The report highlights that the recent hawkish comments from the Federal Reserve and better-than-expected manufacturing PMI have led to a tightening of the interest rate cut trade, resulting in a rebound in US Treasury yields and the dollar [24][38]. - It is noted that the domestic market has seen a rebound since April, driven by concerns over overseas stagflation and Asian currency worries, with the Hang Seng Technology index leading the decline at -7.61% [24][38]. Group 2 - The report suggests maintaining an 80% allocation in the current market environment, focusing on high-quality styles and sectors that are expected to benefit from policy expectations, particularly in the real estate chain and large financial sectors [31][36]. - It emphasizes the importance of dividend defensive sectors, recommending a focus on large financials, real estate chains, and increasing exposure to electricity and power equipment [46][62]. - The report advises on sector adjustments, including adding positions in public utilities and agriculture while reducing exposure to telecommunications and computers [62]. Group 3 - The report identifies key sectors for investment, including state-owned enterprises in electricity, oil and petrochemicals, chemicals, and banking, as well as global liquidity easing sectors like precious metals and innovative pharmaceuticals [40][41]. - It highlights the potential for resource and export sectors, such as the pig cycle, shipping, and home appliances, to provide investment opportunities [40][41]. - The report also suggests that the current market environment favors a defensive approach, focusing on dividend-paying stocks and sectors with stable earnings [41].

Investment Rating - The report maintains a "Buy" rating for companies such as Inspur Information and a "Hold" rating for companies like Tongfu Microelectronics [4][11]. Core Insights - Nvidia's Q1 2024 financial report shows a revenue of $26 billion, a 262% increase year-over-year, with data center revenue reaching $22.6 billion, up 427% [9][10]. - TSMC has successfully developed CFET (Complementary FET) technology, which is expected to enhance semiconductor performance significantly [10]. Summary by Sections Stock Recommendations - Key recommended stocks include Inspur Information, Tongfu Microelectronics, and others, with varying EPS and PE ratios indicating growth potential [4][11]. Weekly Market Analysis - The electronic industry experienced a decline of 3.55% from May 20 to May 24, ranking 15th among all sectors [16]. - The electronic industry's PE ratio stands at 51.43, placing it 4th in valuation among sectors [16]. Company Performance - Nvidia's net profit surged by 628% to $14.81 billion, with a gross margin of 78.4%, indicating strong operational efficiency [9][10]. - TSMC's advancements in semiconductor technology are expected to support AI chip development, with plans for mass production by 2026 [10]. Sector Trends - The report highlights that the semiconductor sector is poised for growth, driven by innovations in chip architecture and increasing demand for data center capabilities [10][12]. - The report also notes that the semiconductor industry is experiencing a recovery phase, with the Philadelphia Semiconductor Index showing positive trends [14].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that inflation aligns with expectations, and the anticipation of interest rate cuts is rising, indicating significant upside potential for gold prices [11]. - Supply disruptions are intensifying, leading to a rapid increase in antimony prices, with a noted price rise of 14.60% [10]. - The copper market is experiencing tight supply due to TC (treatment charge) constraints, which is expected to keep copper prices strong [11]. - The aluminum sector shows a slight increase in downstream operating rates, supporting a positive outlook for aluminum prices [11]. - Tin supply is tightening, with a notable decrease in imported tin ore, which is expected to improve the supply-demand structure [8]. Summary by Sections Weekly Market Review - The non-ferrous metals sector (Shenwan) experienced a weekly decline of 2.75%, ranking lower among all Shenwan primary industries [21]. - Silver and other metal new materials showed positive growth, while lithium and tungsten faced significant declines [21][25]. Macroeconomic and Industry News - The one-year LPR remains at 3.45%, and the five-year LPR is stable at 3.95% [27]. - U.S. housing sales data for April showed a decline, with existing home sales at 4.14 million units, below expectations [27]. - The U.S. PMI data for May indicates economic expansion, with the composite PMI at 54.4, signaling growth in both manufacturing and services [27][30]. Precious Metals Market Key Data - The report notes that gold prices are expected to rise significantly due to inflation concerns and potential interest rate cuts [11]. Industrial Metals Data - Copper prices have shown volatility, with LME copper closing at $10,365 per ton, reflecting a slight decline [6]. - Aluminum prices have increased slightly, with domestic electrolytic aluminum priced at 20,800 RMB per ton [7]. - Tin prices are under pressure due to a significant drop in domestic tin ore imports, which fell by 55.44% in April [8]. Industry Ratings and Investment Strategies - The report maintains a "Recommended" rating for gold, copper, aluminum, tin, and antimony industries, citing strong market fundamentals and supply constraints [11]. Key Recommended Stocks - The report lists several stocks with strong potential, including Zhongjin Gold, Shandong Gold, and Zijin Mining, all rated as "Buy" [12].

Investment Rating - The investment rating for the industry is "Buy" for key companies such as iFLYTEK (002230.SZ), Taiji (002368.SZ), and Jinqiao Information (603918.SH) [6][34]. Core Insights - The report highlights the significant advancements in AI applications, particularly with Microsoft's launch of Copilot+PC, which integrates AI capabilities into personal computing, marking a transformative shift in user interaction [5][22]. - The AI computing power landscape is evolving, with Intel's upcoming Lunar Lake platform expected to exceed 100 TOPS, enhancing AI performance across various applications [10][13]. - The financing trends in the AI sector show substantial investments, with CoreWeave securing $7.5 billion for cloud GPU infrastructure, indicating strong market confidence [27]. Summary by Sections 1. Computing Power Dynamics - The rental prices for A100-80G GPUs remain stable, with specific rates reported at 9.00 CNY/hour for Hengyuan Cloud [10][11]. - Intel's Lunar Lake platform is set to launch in Q3 2024, promising over 100 TOPS of total computing power, which is a significant leap in AI capabilities [10][13]. 2. AI Application Developments - Microsoft's Copilot+PC, featuring the GPT-4o model, demonstrates a 58% improvement in multi-threaded performance compared to Apple's MacBook Air, with extended battery life for video playback and web browsing [22][24]. - The report notes a 54.75% increase in traffic for TianGong AI, indicating growing interest in AI applications [20][21]. 3. AI Financing Trends - CoreWeave and Scale AI lead the financing rounds, with CoreWeave raising $7.5 billion and Scale AI securing $1 billion, reflecting robust investment in AI infrastructure and services [27][28]. 4. Market Review - The AI computing index and application index showed fluctuations, with notable gains and losses among various companies, indicating a dynamic market environment [30][33]. 5. Investment Recommendations - The report recommends focusing on leading AI companies such as iFLYTEK and Jinqiao Information, which are expected to benefit from the growing demand for AI applications and computing power [5][34].

大家好欢迎参加华新证券周末新风向第47本期主题海外降息预期反复北向近流入收窄A股该如何应对电话会议目前所有参会者均处于静音状态下面开始播报声明本次电话会已经面向华新证券的专业投资机构客户或受邀客户 本次会议在任何情形下都不构成对会议参加者的投资建议华新证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经华新证券事先书面许可任何机构或个人严禁以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改、解读等涉嫌违反上述情形的本公司保留追究其法律责任的权利 各位投资者晚上好欢迎参加华欣研究每周日晚上7点的周末新风向那这一期主要是由宏观策略量化化工和电力设备组共同为大家解读一下我们近期的一些观点那首先是由我宏观策略的杨晴晴来分享一下我们对于近期内外市场的一些重要的关注事项以及接下来的A股的应对策略 那整体来看的话这一周内外市场还是相对比较波动的海外主要是看到了PMI的数据再度出现了一些走强对于整个美国的降息的预期再度有一些推迟的情况国内来看的话整个地产的政策的成效仍然是处在一个观望验整期所以看到地产在经过了上周的比较狂热的这个 上行之后的话本周情绪上是有一些退潮然后从资金层面上也有一些止盈 ...

证 券 2024 年 05 月 26 日 研 究 董事长解除置留，新品铺货顺利 报 告 —百润股份（002568.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 5 月 26 日，百润股份发布关于重大事项的进展公 sunss@cfsc.com.cn 告；2024 年 5 月 16 日，发布关于终止 2023 年度向特定对象 联系人：肖燕南 S1050123060024 发行股票的公告。 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-05-24 当前股价（元） 22.1 ▌董事长解除留置，风险得到解除 总市值（亿元） 232 总股本（百万股） 1050 2024 年 2 月 27 日，公司收到汉中市南郑区监察委员会签发 的关于对公司董事长、法定代表人、总经理刘晓东先生个人 流通股本（百万股） 717 因涉嫌行贿而被立案调查并留置的通知书，披露重大事项公 52周价格范围（元） 17.77-38.08 告。2024 年 5 月 23 日，公司收到汉中市南郑区监察委员 日均成交额（百万元） 244.28 会签发的《解除留置通知书》，汉中市南 ...

证 券 2024 年 05 月 26 日 研 究 董事长解除置留，新品铺货顺利 报 告 —百润股份（002568.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 5 月 26 日，百润股份发布关于重大事项的进展公 sunss@cfsc.com.cn 告；2024 年 5 月 16 日，发布关于终止 2023 年度向特定对象 联系人：肖燕南 S1050123060024 发行股票的公告。 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-05-24 当前股价（元） 22.1 ▌董事长解除留置，风险得到解除 总市值（亿元） 232 总股本（百万股） 1050 2024 年 2 月 27 日，公司收到汉中市南郑区监察委员会签发 的关于对公司董事长、法定代表人、总经理刘晓东先生个人 流通股本（百万股） 717 因涉嫌行贿而被立案调查并留置的通知书，披露重大事项公 52周价格范围（元） 17.77-38.08 告。2024 年 5 月 23 日，公司收到汉中市南郑区监察委员 日均成交额（百万元） 244.28 会签发的《解除留置通知书》，汉中市南 ...

证 券 2024 年 05 月 24 日 研 究 奶价持续下行，乳企内部分化 报 告 —乳制品板块 2023 年及 2024Q1 总结 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌ 乳制品：市场需求仍偏弱，奶价下行利好盈利 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 2023/2024Q1 乳制品行业营收分别为 2003.85/ 500.07亿元， liaowz@cfsc.com.cn 同比+2%/-4%，由于 2023Q1 春节前置及送礼场景恢复，去年 联系人：肖燕南 S1050123060024 同期基数较高，而当前市场需求相对较为疲软，致使 2024Q1 xiaoyn@cfsc.com.cn 营收同比减少。2023/2024Q1 乳制品行业归母净利润分别为 130.00 /64.46 亿元，分别同增 24%/55%，主要受伊利股份处 行业相对表现 置控股子公司股权的投资收益影响，由于供给端仍处于过剩 表现 1M 3M 12M 状态，原奶价格持续下行，行业毛利率同比改善，2024 年市 饮料乳品(申万) 3.3 1.7 -5.9 场竞争加剧 ...

证 券 2024 年 05 月 26 日 研 究 AI+ 看多久？科技为剑 内容为甲 报 告 —传媒行业周报 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 ▌ 本周观点更新 zhuzhu@cfsc.com.cn 我们提出 2024 年中期策略《科技为剑 内容为甲》，每一次 分析师：于越 S1050522080001 信息革命的开始，均伴随硬件端的革新，从 PC 到手机，再到 yvyue@cfsc.com.cn XR，硬件及新技术的发展需要场景应用。AI 看多久?看其应 行业相对表现 用边界的探索；2024 年 5 月，由字节跳动的豆包大模型开启 “价格战”后，阿里、百度、腾讯、科大讯飞相继开启 AI 大 表现 1M 3M 12M 模型、AI 产品的降价或免费，换言之，降价或免费后，有助 传媒(申万) -3.4 -8.3 -24.8 沪深300 2 .3 3.2 -6.7 于开发者积极加入，推动 AI 应用端的百花齐放。以 AI 为 “剑”的新质生产力有望带动内容、媒介、营销等领域的价 市场表现 值。 (%) 传媒 沪深300 30 20 10 ▌ 本周重点推荐个股及逻辑 0 -10 给予 ...